True grit brings financial success

Recently, a reader shared that his secret for success was based on the four-letter word ‘grit’. His recipe to get ahead in life was to stay focused on his tasks, find ways to overcome any obstacles that might arise along the way, and work diligently and consistently until his goals were realised.

Speaking on a TED Talks Educational video, psychologist Angela Lee Duckworth explained that grit is “passion and perseverance for very long-term goals”. Grit is having the stamina to keep working at your important tasks every day, over many years, until you have accomplished your objectives.Duckworth, an assistant professor at the University of Pennsylvania who researches educational achievement, posited that grit is a better indicator of a student’s success than factors such as IQ. This trait may be even more critical than natural abilities or other determinants of achievement.Grit trumps talent“Talent doesn’t make you gritty,” Duckworth asserted. “There are many talented people who do not follow through on their commitments.” In fact, the psychologist revealed that research showed that a person’s level of grit is often unrelated or even inversely related to measurements of talent.Aesop’s fable of the hare and the tortoise is a perfect example of grit in action. Although the tortoise had less natural ability to run than his faster contender, the slower creature’s resilience won the race. With grit, you will keep plodding on towards the finish line, no matter how long it takes.Grit influences your goalsLike educational achievement, true grit is also essential when it comes to personal success. Many people fail to accomplish their goals, whether simple or expansive, simply because they lack the fortitude to continue taking the required steps until they have attained their objectives.The problem is that many people give up too soon. If immediate results are not forthcoming, they believe that their efforts are in vain and quit working at the task. It’s important to understand that success is not instantaneous; it is a “progressive realisation of a worthy goal”, as Earl Nightingale declared.Grit affects your moneyPersons who lack grit in their money tasks are less likely to attain financial success. For example, if they decide to make a budget to control their overspending, they don’t have the grit to keep track of costs and fill out all their expense items until they have calculated their monthly income shortfall.A deficiency of grit can also cripple people’s efforts in saving and investing. It requires discipline to forgo immediate gratification and consistently put away money towards a future benefit; without this level of fortitude, it will be difficult to amass significant and lasting wealth.Grit improves your workThomas Edison is credited for the quote, “Genius is one per cent inspiration and ninety-nine per cent perspiration.” The prolific inventor emphasised the importance of persevering and working hard over long periods when he declared that “Everything comes to him who hustles while he waits.”Many people say that they want to earn more money, yet they are not prepared to work hard for a long time to get it. They will often try different ways to generate part-time income, but a lack of stamina leads them to quit their money-making ventures at the first signs of rejection or failure.Developing true gritIf you recognise that you lack the grit required to achieve your money goals, the good news is that this trait is learnable. Once you have decided on your overall objectives, identify the tasks that are needed to accomplish them, and slot these activities into your daily or weekly schedule.Many people stop working at their tasks because their early efforts are not impressive or successful. Understand that if you practise an activity every day, over time you will become very accomplished at it. Just commit to keep practising until perfection comes, and you will be displaying true grit.Direct your grit wiselyOne reason why gritty people succeed is that they have tunnel vision when it comes to their goals and ignore the naysayers who try to discourage them. Unfortunately, they may also become inflexible about making directional changes when circumstances require them to adjust their strategies.Although you may be willing to go all-out in your efforts to achieve your goals, it’s important to ensure that your efforts are properly directed in the first place. Grit can actually be negative if you are working on the wrong goals or if your activities are not aligned with your objectives.I like this quote from actor Will Smith who grittily declared, “I’m not afraid to die on a treadmill. I will not be outworked, period. You might have more talent than me; you might be smarter than me… but if we get on the treadmill together, there’s two things: You’re getting off first, or I’m going to die.”Cherryl is a money coach, business mentor, and founder of Financially S.M.A.R.T. Services. Her upcoming book, “The 3 Ms of Money” will reveal all the secrets she learned about financial success. Get more advice on money and business matters at www.financiallysmartadvice.com and www.entrepreneursinjamaica.com. Email comments to cherryl@financiallysmartonline.com.

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True grit brings financial success

The business of sports: Bolt brings value

IN the same way that Mohamed Ali, by his skills and charisma, very significantly increased the market for boxing, Usain Bolt has created a worldwide awareness of the art of sprinting that has revolutionised the global market for Track and Field.

Mohamed Ali was named the top sportsmen of the last century and, no doubt, if Bolt maintains his image, he could be selected as the athlete of the 21st century! Many who disliked boxing watched Ali “float like a butterfly and sting like a bee,” and many who are not avid follows of Track and Field make it a point to watch Bolt. The attendance at the Moscow World Championships peaked whenever Bolt made an appearance and the London Olympics 100m was sold out many months before the event and “scalper” tickets reached an all-time high.“The Jordan Effect”, as discussed in Fortune Magazine, is the economic impact that Michael Jordan had on the business of basketball. Two quotations from the article follow“So what’s the overall value of the Jordan Effect? As a refresher: Our equation includes Jordan “brand” products; ticket, merchandising, and television revenues; Nike stuff; Falk’s windfall; and Jordan’s value as an endorser. Add it all up, and what do you get? Just about US$10 billion — and still counting.”“During his time in the NBA, Jordan has parlayed his breathtaking skills and overwhelming cross-cultural appeal into an industry, and he’s done it more effectively than any sportsman before him……. There’s no arguing that Jordan was in the right place at the right time. The entire sports industry enjoyed exponential growth on his watch.”Similar to Ali and Jordan, Usain Bolt’s international image ranks among the highest ever and consequently the corporate demand for his endorsements will no doubt continue to bring significant and very well deserved benefits to him. Whatever he earned last year will likely double in the next year and, if he upholds his sprint dominance, it could double again before the Rio Olympics. His phenomenal speed endurance (so described by Michael Johnson) is not his primary asset. His magnetism is what has sealed his success.The spontaneous performance of that Russian dance after successfully anchoring the 4×100 relay was an inspired tribute to the host nation. US TV replayed the last leg of that race and when Bolt sped away from Gatlin the newscaster said “eat….my….dust” and then showed Bolt doing the dance! This was a noteworthy breakthrough of significant proportions because the US has the admirable tendency of promoting its own. There are no encomiums too excessive for the young Jamaican superstar.Although Bolt is head, shoulders and torso above the competition, there are other Jamaican greats. Four individuals from one nation in a 100m final was a first in the World Championships. Shelly Ann’s dominant performance for the women and Javon Francis’ 4×400 anchor leg firmly places us in the forefront of international sprinting. It is also believed by many experts that any threat to Bolt’s superiority will come from his own homeland! All of this is going on in a country that represents much less than one-tenth of one percent of the world’s population!The question now is what has this done for Jamaica and what are the potential direct, indirect and catalytic benefits to the Jamaican economy from these performances. Usain Bolt, who has earned perhaps many times the annual income of any other Track and Field athlete, has demonstrated the viability of the sport and the increased market created by him will no doubt widen the potential for many others to make money from this sport.The attendance figures support that the sprint events draw the biggest crowds. The lesson learned is that the time may be right for a major Track Meet dedicated to sprinting. Sprinting could be defined as any race where starting blocks are used and the race is run in lanes. This would define as sprints the 100m, 200m, 400m, the hurdles, the relays and, at a stretch, the long and triple jumps. For males and females this is 18 events and could be completed over four or five days.The problem is how to fit this into the world calendar. Every year there is one big Track and Field meet – Olympics, World Games or Commonwealth games — and so there is no annual “free” slot for a big new event. There are a number of smaller events such as the Penn Relays and also IAAF World relays which will be staged in The Bahamas in 2014 and 2015. There are also the Diamond League events. Additional competitions with a bias towards sprinting would increase the athlete’s visibility and therefore enhance industry earnings. The time may be right to capitalise on the “Bolt wave” and increase benefits to the industry by hosting more sprint events. (Baseball teams each play 162 games in their regular season, basketball 82 and NFL 16.)A state-of-the-art stadium complex in Jamaica could now be a commercial reality. This could be located on the proposed Highway to St Ann’s Bay (near to Ocho Rios) — within 70 minutes of Montego Bay and 45 minutes from the Kingston Metropolitan Area. If entrepreneurs acknowledge the marketability of such a facility this project would attract overseas investors. With such a facility in place, Jamaica could seriously contend for Diamond League events and, who knows, host an annual “Sprint Factory Meet”. The benefits to Jamaica in terms of employment and tourism would be our piece of the pie.At this time the sports paraphernalia market (apparel, action figures, souvenir items etc.) for products endorsed by Bolt is in great demand worldwide. Whoever has this franchise should recognise that the value would increase if the goods were made in Jamaica (in a freezone environment) and marketed as “Genuine from The Big Man’s Own Country” and this would provide some much needed employment here.In a small nation, it is amazing what one individual can do to impact GDP and perhaps, after Rio, we will see Usain Bolt make the change from athlete to entrepreneur and continue to assist the country that nurtured him.Usain Bolt has demonstrated the viability of the sport, and the increased market created by him will no doubt widen the potential for many others to make money from track and field.

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The business of sports: Bolt brings value